The US market on Monday was down after touching an all-time high i.e. Dow jones was -97 points (-0.28%) whereas the IT index i.e. Nasdaq was positive by 8 points (0.057%).
Following are the supports and resistance for two major indexes of INDIA.
Nifty support – 15800-15835 & 15725-15775
Nifty resistance – 15890-15925 & 15950-16000
Bank nifty support – 34500-34575 & 34350-34450
Bank nifty resistance – 34800-34950 & 35075-35175
On Friday (Foreign institutional investors) FII were net sellers and have sold around 1539 crore in the cash market which will stop the market from making a breakout above 16000(Nifty). On the other hand (Domestic institutional investors) DII were net buyers and have bought around 1500+ crore in the cash market which caps the downside risk of the market below 15600(Nifty).
The July month market was stuck in a big range of 15500-16000 with big volatile moves in intraday. The market can break this big range on either side in the second half of august month.
The METAL index looks strong due to the global market whereas the BANKING industry looks weak as the results of Q1 were not unto expectations as there was an increase in provisions due to the 2nd wave of COVID.
Q1 results of HDFC ltd were in line with the expectations which is positive for the markets.